{"id":2814,"date":"2024-12-16T20:52:35","date_gmt":"2024-12-16T20:52:35","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2024\/12\/16\/lower-rates-stoked-canadas-housing-market-momentum-this-fall\/"},"modified":"2025-03-26T04:54:39","modified_gmt":"2025-03-26T04:54:39","slug":"lower-rates-stoked-canadas-housing-market-momentum-this-fall","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/lower-rates-stoked-canadas-housing-market-momentum-this-fall\/","title":{"rendered":"Lower rates stoked Canada\u2019s housing market momentum this fall"},"content":{"rendered":"<p><script src=\"https:\/\/code.highcharts.com\/11.4.8\/highcharts.js\"><\/script><br \/>\n<script src=\"https:\/\/code.highcharts.com\/11.4.8\/maps\/modules\/pattern-fill.js\"><\/script><\/p>\n<p>Canada\u2019s housing market action got hotter as the temperature cooled this fall. The Bank of Canada\u2019s series of interest rate cuts since June set the stage for home resales to jump nearly 10% nationwide over October and November.<\/p>\n<p>This put the recovery on a stronger footing after a slow and patchy course in the past two years. The market is now back to levels that prevailed in late-2019 just ahead of the pandemic.<\/p>\n<div id=\"everviz-kCuQbFhXz\" class=\"everviz-kCuQbFhXz\"><script src=https:\/\/app.everviz.com\/inject\/kCuQbFhXz\/?v=3 defer=\"defer\"><\/script><\/div>\n<p>We expect the upswing will continue in the months ahead, but at a measured pace. The prospects for further rate cuts will likely draw more buyers from the sidelines, but significant affordability issues will restrain the flow of those entering the market.<\/p>\n<p>The local picture still varies considerably across the country. Activity remains more hectic in the Prairies and parts of Quebec and Atlantic Canada\u2014well above pre-pandemic levels in many cases. The recovery is still a work in progress in British Columbia and Ontario despite solid back-to-back sales gains in Vancouver and Toronto over the last two months. It will take deeper rate cuts to fully reinvigorate these markets.<\/p>\n<p>The supply of homes for sale has trended higher in Canada this year. This has contributed to boosting inventories\u2014recently reaching a four-and-a-half-year high\u2014giving buyers more options. But, new listings fell in October and November, which has tightened supply-demand conditions. At 0.59 in November, the national sales-to-new listings ratio indicates upward pressure on prices.<\/p>\n<div id=\"everviz--czbs_36M\" class=\"everviz--czbs_36M\"><script src=https:\/\/app.everviz.com\/inject\/-czbs_36M\/?v=3 defer=\"defer\"><\/script><\/div>\n<p>Conditions are especially firm in the Prairies, Quebec, and Atlantic Canada where property values are up the most compared to a year ago. Relatively softer markets in B.C. and Ontario have tightened as well this fall. This has put some heat on Vancouver and Toronto prices in November with their composite MLS Home Price Indexes rising from October at the fastest pace in more than a year.<\/p>\n<p>Nationally, the composite MLS HPI increased 0.6% between October and November\u2014the strongest monthly advance since July 2023. This followed slight declines earlier this year that drove the index below year-ago levels.<\/p>\n<div id=\"everviz-WccQFKhNa\" class=\"everviz-WccQFKhNa\"><script src=https:\/\/app.everviz.com\/inject\/WccQFKhNa\/?v=4 defer=\"defer\"><\/script><\/div>\n<p>The index in November was still 1.2% off the mark from the same period last year.<\/p>\n<p>It\u2019s bound to move higher as the market\u2019s recovery progresses into 2025. But, we continue to believe that any price appreciation will be gradual until interest rate cuts restore ownership affordability more significantly next year. <\/p>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/December-market-snapshot.png\" alt=\"\" width=\"790\" height=\"298\" class=\"alignnone size-full wp-image-63440\" \/><\/p>\n<hr>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100 download-img\" style=\"display: inline-block; vertical-align: top;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/Download-PDF-button_new-07.png\" alt=\"\" width=\"572\" height=\"362\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display: inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">Download the Report<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2024\/11\/MHU-Dec24.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211020_1\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Ag Tech Report Final\">Download<\/a><\/p>\n<hr>\n<\/div>\n<\/div>\n<\/div>\n<style class=\"advgb-styles-renderer\">h2.title-text{font-size: 2.8rem;font-weight: 400;line-height: 1.2;}.chart-title {font-weight: 500; color: #588886!important;text-align: center;line-height: 1.2;margin: 40px auto 5px auto;font-size: 25px;}.chart-subtitle{font-weight:500;text-align:center;color:#899299;font-size:18px;}.source-text {font-size: 14px;text-align: center;line-height: 1.2;}.download-img{width:275px;}<\/style>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s housing market action got hotter as the temperature cooled this fall.<\/p>\n","protected":false},"author":189,"featured_media":2812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,38,50],"tags":[],"class_list":["post-2814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-canadian-housing","category-monthly-housing-market-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lower rates stoked Canada\u2019s housing market momentum this fall - RBC Economics<\/title>\n<meta name=\"description\" content=\"Canada\u2019s housing market action got hotter as the temperature cooled this fall.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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